That partnership here involves this city's redevelopment agency, along with the state's Housing Mortgage Finance Agency (HMFA) and the project's private-sector developer--a joint venture between Philadelphia-based Pennrose Properties and Parkside Business and Community Inc. The latter is a local non-profit organization.
The 43,000-sf Faison Mews will actually be a combination of new and rehab construction. The existing Pearlye Building, which dates back to 1925, will be redeveloped as 10 residential units. Several other structures on the site, including the long-vacant Parkview Apartments, will be torn down to make way for a new building with the remaining 41 apartments.
Construction is just under way, and the developers say they will have Faison Mews completed by the middle of next year.
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